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and senate, congress can take credit for retroactive tax cuts. >> it's a very, very strong first step. >> this is an important one and a critical one for the future of the country. >> reporter: now in about two months, congress needs to deal with spending cuts they put off and there will be a fight over the debt ceiling. reporting live in federal hill, sherrie johnson, abc2 news. >>> so the deal is done and we won't pay anymore in taxes this year. but it's not true. the fiscal cliff deal keeps income tax rates at courage level for 98% but doesn't extend the payroll tax cut. more will go into socialsecurity. most lower and middle income familiesly vied -- families will avoid a thousand more in income taxes they will pay more for payroll taxer. >>> 2013 means changes are coming to health care. big thing to watch is with the health insurance exchanges. they have to be up and running by october 1st. only 18 states including maryland on thed to build their exchange -- opted to build their own exchange. other things to watch out with the health care reform act is contributions to a flexible
months of debating and back room deals, congress has passed a bill which will pull the country back from the fiscal cliff. >> on this vote the yays are 257. the nays are 157. >> it extends t s the tax rate c individuals earning 400,000 per year and couples $450,000 a. 151 republicans voted against the bill because it doesn't address spending. >> what we're really doing is raising taxes to give the president more money to spend. >> president obama has promised to work with congress to find more spending cuts in the future, but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >> treasury secretary of state timothy geithner has warned congress the country is a few months away from defaults on its loans for first time in history. >> the consequences would be catastrophic, far worse than the impact of a fiscal cliff. >> but many say the debt limit debate is the last chance femme them to secure the deep spending cuts necessary to pay down our natio
in view. in the next two months, congress will need to raise the debt limit to allow treasury to borrow more money and it must agree on spending cuts to reduce the deficit. >> for more analysis, we are joined by our washington correspondent. lawmakers have voted what many -- have averted what many believe would have been an economic disaster. what is the public reaction? >> i think the vast majority of americans would like to see a little bit less trauma and maybe a little more willingness to compromise on a bipartisan -- drama and maybe a little more willing this to compromise on a bipartisan basis. >> how have the democrats and republicans responded? >> the no one really likes the deal -- >> it is interesting. no one really like the deal. when you talk to republicans, they say president obama has imposed his will on us. we had to agree. this is very bad. he broke our party unity. some of the republicans passed the bill, others opposed it. it is very interesting when you talk to democrats. they do not like this compromise. they say that -- especially progressive democrats. they say tha
earning $450,000. it also delays spending cuts for at least two months. congress will have another standoff to deal with next month when lawmakers must raise the $16.4 trillion federal borrowing limit so the government can keep paying its bills. danielle nottingham, cbs news, washington. >> looking at that clock, it's staggering. the nonpartisan congressional budget office says the bill will add almost $4 trillion to the federal deficit over the next ten years. >>> one virginia democrat who voted against the bill explained his decision. jim moran of virginia's eighth district released the following statement shortly aft bill was passed. quote, i've been hoping to cast a ballot for a balanced deal which addresses both long run fiscal issues and the artificial short-term crisis created by the budget control act. the bill before us today is wholly inadequate. it leaves our country with three more fiscal cliffs to negotiate over the next three months. i'm deeply concerned by the long-term consequences of this hastily crafted agreement. i cannot in good conscience support this legislati
ready for another fiscal debate in the coming months. congress and the white house will talk about the debt ceiling. we could reach the limit by the end of february. and won't likely agree to raising it without guarantees of spending cuts. despite this bill, you may notice your paycheck is a little smaller this year. that's because a temporary cut in a payroll tax just expired. the social security payroll tax jumps back to 6.2% for 160 million americans. it's been 4.2%. some banks say that could cut consumer spending by as much as $100 billion this year. that's less than the 115 to $125 billion in revenue it costs the government each year. >>> after the vote overseas markets jumped. cnbc's hampton pearce here to talk about. >> stocks poised to kick off the new year on a high note. futures are sharply higher. investors are reacting to that house vote on the bill last night to avoid the fiscal cliff. asian markets were higher overnight. traders say the rally could be short-lived as the next big battle in washington looms in a few months over raising the debt ceiling or the nation's b
to you folks. >> well, is it here we go again? congress has two months to raise the debt ceiling or else the treasury department runs out of money to pay its bill and we risk default. how much one congressman is willing to push spending cuts before we hit the debt ceiling deadline. >> reading the fine print and getting ready to pay the higher taxes. eamon javers tells us whose deductions will be phased out as a result of last night's tax deal. you can't miss that. >> plus. >> there's only one group to blame for the continued suffering of these victims, the house majority and the speaker. >> new jersey governor chris christie crying fowl after putting off a vote for hurricane sandy victims. more on that when we return. deal. more on that when we return. >>> as we all know, last night's fiscal cliff deal was essentially a tax deal. part two is to come now as we set the stage for a new fight on the debt ceiling. we've already really hit the maximum amount the government can borrow giving congress about two months now to raise that ceiling or risk default. last year the fight was brutal. as
: while the bill delays spending cuts for two months for the new congress to handle these issues, the sequestration, and the debt ceiling, it is the main reason why democratic congressman jim moran opposed this bill. we will hear from him in the next half-hour. but again, it was a late night here on capitol hill. we should be getting used to that in the year 2013. back to you. >> surae chinn reporting live from capitol hill. >>> at 6:03, jessica doyle still watching your money report and the fiscal cliff. >> and the fight we should continue to expect with congress having several other hurdles to deal with. >> our money problems are far from over. in fact, they're just really beginning for this new year. it is a great quote very for you to sum up the year ahead. this comes from a december 27th blog on the tax policy center website. quote: it looks as if lawmakers will spend 2013 staggering from crisis to crisis not unlike a bunch of nasty drunks weaving their way from barroom to barroom. so what type of crisis are we talking about here? we'll run through the timeline. right now th
battle lies ahead. what the new congress faces in the months ahead. fox 5 morning news continues right now. >>> straight up 6:00 right now. here is a live look outside. we'll take a live look at the u.s. capitol dome where lots of wheeling and dealing has been going on, finally a compromise reached on the fiscal cliff deal, but, of course, our troubles are far from over. we'll be continuing to follow that story coming up. >>> good morning, everyone, it is wednesday, january 2nd, 2013. i'm sarah simmons. >> i'm wisdom martin. let's get right over to what's happening outside in the weather world. and for that we say hello once again to tucker barnes. >> hi. >> good morning. >> good morning. >> everybody headed back to work and school, at least parts of the area. >> get the seat warmers going. >> get the seat warmers going. 30s to start your day. here's a big change from yesterday. we'll have more sunshine than we've seen in the last couple of days. so it should be fairly nice looking out the window. still on the cold side. highs only about 40, maybe 42. let's go right to radar. we've h
will be reached in two months if congress does not act. jim moran is not confident working out a deal will be easy. >> just increasing the deficit by $3.90 trillion, which will now force us to dramatically street the size of government and that will have an adverse impact on the washington area. >> the president returns to hawaii, so it's not clear when he will sign the bill. brianne carter reporting. >> secretary of state hillary clinton continues to recover from public clocked at a new york hospital. she was last seen in public three weeks ago before she fainted and was fossilized with a concussion. doctors ran some scans which revealed the blood clots between her brain and her skull. the good news is they say there will likely be no long-lasting neurological damage. >> today is the first day back to school for the students of sandy hook elementary. there are attending open house at every purpose of building in monroe conn. will start class tomorrow. workers and teachers have been getting the area ready after painting and setting up classrooms. children have not been in school since last month's
>> investors on wall street were happy. they rewarded congress for getting a last-minute deal to avoid the fiscal cliff by closing up 308 points, the biggest rally we have seen in months. but there are plenty of critics who say congress failed in efforts to reach a deal that was a threat -- threat to deficit spending. >> critics complained the last- minute deal could be summed up like this -- raised payroll taxes for everyone, or let's just wait for everything else. >> this is a new day and not a bright day. it was very much a small ball. was kicking the can down the road. the problem is each time you kick the can, it gets heavier. >> when virginia democrat voted against the deal, saying it did not do enough to help the middle class. last night, president obama conceded he was supporting deal only after failing to get a bigger and better agreement. >> the fact is, the deficit is still too high and we're still investing too little in the things we eat. >> as congress prepares for another showdown over the debt ceiling, conservatives are criticizing the deal. a coalit
increase on salaries by 2% every worker up to $110,000 a year. then the stuff it didn't do. congress set up new ones, in just two months they will need to deal with the automatic spending cuts and nasty fight over the debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they
in a matter of months if congress does not act. >> police say speed cameras slowed down drivers and looks like they are right. in is the day found speed cameras have reduced speeding and accidents on seven maryland roads. aaa which has criticized the program as a moneymaking machine, says montgomery and prince george's county counties have done a good job of tracking the balance for safety rather than just money. >> short and long term parking rates are increasing in parts of montgomery county. >> the price hike went into effect yesterday but it was a holiday so they technically will start today. this is for public parking in silver spring and no. but as the. areas where people like to go out and eat and shop -- silver spring abdnd bethesda. areas where people like to go out and eat and shop. monthly parking permits are up $10. the montgomery county council voted to raise these parking rates to help fill a budget deficit. the increases are expected to bring in $700,000 a year. the chief of montgomery county's parking management told wtop it could take several weeks until all the meters in gara
cliff. after months of drama and some tense last-minute negotiations, congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody. >> reporter: lawmakers completely blew their deadline. they didn't get the grand bargain that both parties claimed was their ultimate goal. both democrats and republicans gave themselves credit for getting something done. >> this is a very, very strong first step. >> this is an important one. this is a critical one for the future of the country. >> reporter: there was considerable hand ringing among republicans about a lack of spending cuts. some wanted to add them in, but there weren't enough votes to get it passed. this fiscal cliff deal which passed the senate with overwhelming bipartisan support would extend tax cuts for all workers earning less than $400,000 a year, prevent a tax hike on estates valued at less than $5 million and extend unemployment benefits set
, you are absolutely right especially with the debt ceiling. we have more work but after months of drama and tense negotiations, congress passed legislation to avoid the fiscal cliff. lawmakers did not meet the deadline and they didn't get the grand bargain that both parties clap was the goal there. was concern among -- a lack of spending cuts. the deal would shield income tax cuts for all workers earning less than 400,000 dollars a year and households earning less than 450,000 dollars. it prevents a tax hike on a state's -- estates valued at less than 5 34eu8ion and extends unemployment benefits for about 2 million people that were set to expire. now what it does not do is raise the debt ceiling. in two months the government will reach the limit on borrowing unless congress acts. the bill delays large cuts to the pentagon and other government programs. now although congress missed the january 1st midnight deadline by-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> i will sign a law that raises taxes on the wealthiest 2% o
. but neither side got everything they wanted. after months of debating and back room deals, congress has passed a bill which will pull the country back from the "fiscal cliff." >> on this vote the yays are 257, the nays are 167. >> reporter: the bill extends bush-era tax rates for every american making less than $400,000 and couples who make less than $450,000. it delays for two months $110 billion in across-the-board spending cuts. >> i'd like to be speaking for bill but i can't. >> reporter: 151 republicans including eric cantor the number 2 ranking house member voted against the bill because it doesn't address spending. >> what we're really doing is raising taxes to give the president more money to spend. >> reporter: president obama ahead promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> reporter: treasury secretary timothy geithner has warned congress that the count
: treasury secretary timothy geithner has warned congress the country is just a few months away from defaulting on its loans for the first time in u.s. history. >> the consequences for the entire global economy would be catastrophic, far worse than the impact of a "fiscal cliff." >> reporter: but many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. the bill now goes to president obama for signature. back to you. >> thank you. >>> our other big story the weather this morning. it could be the coldest morning of the week. let's get a first look at weather with meteorologist lawrence karnow. >> we have some very dry air outside. temperatures plummetting right now. we have freeze warnings up in the north bay valleys. and frost advisories inside the bay in toward the santa clara valley so a cold start to the day. these temperatures running down in the 20s and some mid-30s. waking up to some widespread frost outside. if you are heading out the door this morning, grab your jacket. it is goi
for at least two months. now congress will have to deal with that later and deal with whether to raise the $16.4 trillion borrowing limit so the government can keep paying its bills. but once again the senate measure has now been approved by the house. we take you to capitol hill where we've been monitoring the votes that just came in, gary? >> reporter: good evening. as you said our assignment was to engage the reactions from the congressional local agreements. many said they felt like it was a bad deal that they could get under the circumstances. many republicans lead in part by virginia eric canter who said no because they believe the legislation does not have enough spending cuts. some spending cuts feel like they will be too great. among them eight district virginia congressman who represents 65,000 federal employees, who believes that the president gave away too much in the negotiation. he spoke on the house floor two months ago. our producer has selected a part of the speech and the remarks of the maryland democrat who favors the legislation. >> we're going to have to deal with the debt
. the sequestration we've heard so much about, those were delayed for two months. the result of congress's inability for deficit reduction measures. that was just five months ago. and now, this bitterly divided congress will have to figure out where to take the money from. >> what i cannot promise is it will be done quickly and easily. it's going to require a whole new set of decisions. we don't want to kick the can down the road. don't want to lift sequestration and lose the benefit of the deficit reduction. sequestration is a bad idea. across the board arbitrary cuts. what we need to do is replace the cuts with the similar amount of deficit reduction. >> right about the same time that congress must vote on weather again increase the debt ceiling or risk default. telling folks on capitol hill he has begun to initiate emergency measures to continue to pay the government's bills through february. but one other thing that is coming up with all of this is that analysts who are watching washington d.c. watching that fracture debate, one of those analysts put the risk with that debt ceiling debate at 20%
secretary of state timothy geithner has warned congress the country is a few months away from defaults on its loans for the first time in u.s. history. >> consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff. >> but many say the debt limit debate is the last chance femme them to secure the deep spending cuts necessary to pay down our nation's debt. and the bill now heads to president obama for his signature. terrell? >> tara mergener in washington this morning. trar, good to see you. thank you so much. >>> still the measure passed with bipartisan support. the deal die provided the leadership in the house. speaker john wayner bane speaker john boehner and former gop leader paul ryan voted yes but house majority leader eric cantor who led a brief last-minute charge against the deal and kevin mccarthy voted no. earlier i had a chance to visit to politico's congressional reporter. we talked about how the bill got through the house and the political ramifications of sealing the deal. hughes republicans were earlier considering a deal
cuts for two months. even though congress acted to avert income tax hikes on most americans, your paycheck will still shrink in 2013. ktvu janine de la vega is in san jose right now to explain about the end of the payroll tax holiday. what does that mean? >> reporter: dave, we plan on talking to people as they make their way to work today because the ending of the payroll tax all effect people's paychecks. here is what you need to know. for the past two years americans were enjoying a boost in their paycheck. this payroll tax cut lowered the social security tax from 6.2% to 4.2%. that was an emergency measure put back into place in 2010 to help boost the economy. now the payroll tax is bouncing back up to 6.2% which means less money in your paycheck. here's a break down. the average family making $50,000 a year will see their paychecks decrease by $1,000 a year. the average family making $75,000 a year will see a drop of $1500 a year. the average family making $100,000 a year will see $2,000 less annual. congress was foe cushioned on preventing deeper spending cuts and bigger tax
in. >> in the last night tore the last two days of a congress to say that two months from now a new congress s going to do what we are not doing here today is not something i can bring myself to do. i would like to vote for this because i do vote for lower taxes. i want americans to have lower taxes. but the other day in conference one of my colleagues pointed out that if in fact you are spending the money you are taxing our future generation. we are taxing $1.2 trillion next year. we are taxing $1.2 trillion. we won't collect it. but we are taxing $1.2 trillion of deficit. the chairman of the committee of the ways and means committee mr. camp rightfully so said we are also not simplifying the tax code. we are not making it better or fairer. we are not getting rid of the nascar loophole. we are not getting rid of the electric motor scooter low speed lop hole. we are not getting rid of a whole lot of tax things that are here but most importantly we are not taking things that the president himself said he would be for like getting the calculation of change cpi of the consumer price in
months of drama and last-minute negotiations congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> this law is just one step in the broader effort to strengthen our economy and broaden the opportunity for everybody. >> lawmakers completely blew their deadline. they didn't get the grand bargain that both claim was parties claim was their ultimate goal. but tonight both democrats and republicans gave themselves credit forgetting something done.y, veryis a very, very strg first step. >> this is an important one. this is a critical one for the future of the country. >> there was considerable happened wringing about a lack of spending cuts. some wanted to add them in, but ultimately there weren't enough votes t passed. passed. the bill was overwhelming bipartisan support would extend tax cuts for all tax earners earning less than $400,000 a year and tax hikes on those estates worth $5 million. and benefits set to expire for some two million people. since congress missed the january 1st midnight deadline, technic
johnson is live with the latest on what this means for you. sherrie. >> reporter: well, after months of drama and some last- minutenegotiating, congress passed legislation to avoid the fiscal cliff. lawmakers didn't make the deadline and didn't get the grand bargen that both parties claimed was the ultimate goal but democrats and republicans gave themselves credit for getting something done. there was concern among republicans about a lack of spending cuts. some wanted to add them in but you will metly there were not -- ultimately there were not enough votes to it. the fiscal cliff deal would shield i come tax cuts for all workers earning less than 400,000 dollars a year. also prevent a tax hike on the estates valued at less than 5 million dollars and extend unemployment benefits for about 2 million people that were set to exspire. now although congress missed the january 1st midnight deadlineby-passing the compromise deal congress can try to take credit for retroactive tax cuts. >> this law is just one step in the broader effort to strengthen our economy and broaden opportunity for
: congress will have another standoff in two months when it must consider raiding the federal borrowing limit so the government can pay its bill. sharon chin, cbs 5. >>> man is dead after being swept out to sea while working on a marin county beach with his wife and dog. the couple was hit by a wave on north beach in the point reyes national sea shore around 5:30 this afternoon. the dangers of sneaker waves. >> reporter: a couple out for a new year's day walk along the beach with their dog got into serious trouble when they were hit by a sneaker wave. the woman and dog were knocked down, pulled out by that large wave. a man jumped in after them. this happened around 12:30 this afternoon. bystanders went over to help the woman who was struggling. >> either the dog was trying to be rescued by the husband or he was assisting her with her and he was swept out. >> reporter: the dog made it back to shore but the man did not. a man tried to save him seeing him floating 80 yards off shore. >> we were going to throw a rope to him but we saw he wasn't reacting. >> reporter: the coast guard marin county
to be happy about the new year. >>> also ahead, after months of fighting, congress has finally made a deal concerning the fiscal cliff. the impact the bill will have on you. >> scattered snow flurries are moving through the area right now. if it's a sign of more winter weather to come next we'll find out with weather and traffic on (vo) they were married for... 53 years. she was his everything. he can't live alone anymore. but we don't have the room. so, we talked to suntrust... looked at our options... remodeled... for family, you make it work. he taught me that. (anncr) join the thousands of people switching to suntrust's award-winning service. how can we help you shine today? just ask pc mag. [ man ] "cable can't touch fios upload speeds." "it's hard to imagine anyone ever beating fios." "there's no doubt fios is the fastest in the country." [ male announcer ] after 110,000 speed tests, nothing came close to fios. and fios doesn't cap your internet usage. so switch to fiber-optic fios because according to pc mag... [ man ] "if it's available, you should get it." [ male announcer ] last
just two months after sandy hit. >> 66 days and counting. shame on you. shame on congress. >> reporter: superstorm sandy caused over $36 billion in damage in new jersey. governor christie says he was assured by congressional leaders that the aid package would be put to a vote. but house speaker boehner pulled the legislation and did not return christie's phone calls. >> disaster relief was something that you didn't play games with. >> reporter: do you feel betrayed right now, governor? >> yes. if the people of new jersey feel betrayed today by those who did this in the house last night then they have good company, i'm with them. >> reporter: boehner says he pulled the bill because of scheduling problems. but some members of congress questioned how the $60 billion aid package would be spent. new york congressman peter king, a republican, would have none of it. >> congressional republicans never have any trouble finding new york city or new york when it comes to raising money. well, you know, this is a two-way street and if they're not going to help us, why should we even think of helpin
and extend unemployment benefits. it does not raise the so-called app ceiling. in two months, government will reach its limit on borrowing unless congress acts. it only delays large cost the pentagon and other government programs. in march we may see another round of fighting. president says he hopes congress can get a deal done with a little less trauma. >> another blow in the effort to get aid areas -- aid to areas devastated by hurricane sandy. back on friday, the senate approved more than $60 billion measure to help recover is on the storm. house appropriations committee drafted a smaller $27 billion measure and the vote has been expected before congress's term ends thursday. >> secretary of state hillary clinton spent the first night of 2013 in a hospital, recovering from a blood clot. they are using blood thinners to break up the clots behind the right year. the plot-- the clot was discovered during a follow-up exam for concussions she sustained last month. it is not clear when she will leave the hospital. >> two men accused of brutally beating a d.c. man are back in court again to
of congress being sworn in this month, the whole process will have to begin again. lawmakers say negotiations over the fiscal cliff took too long and didn't leave time to debate sandy relief. good afternoon. the lieutenant governor of the event she says as a former professor she is so happy to see what she calls the movement of history in this area. she is urging residents statewide to support illinois and become the 10th state to legalize gay marriage. as well as jesse tyler ferguson from the hit show modern family. they can to say that we are more alike than we are different. we should not wait for the quality and illinois. it could be a for a full vote tomorrow. a new set of lawmakers will be sworn in january 9th. and issued a letter urging catholics to call state lawmakers and urged them to vote against this. and as a violation of natural law the lieutenant governor disagrees. >> there are a lot of ways that we put together families that cannot involve reproduction. we allow them to marry. we encourage them to marry when they're in a loving relationship. as i mentioned earlier, adoption
. >> it is inexcusable. >> reporter: the speaker says he ise committed to addressing sany relief this month, but that means the new congress that convenes tomorrow will have to start from scratch, busbu legislation does not -- because legislation does not carry over. >>> as the fiscal cliff has been averted, the wait to the last minute has many skeptics, anda renewed discussion aboutdisc civility in congress.ng joining us is the managingma editor of the hill newspaper. you got john boehner here trying to corral the cass on the house floor, he seems to be the moderate, and if there's any take away from the election mitt thromney lost, it's because theh republicans are so far rightfar that they need to come more to the middle, but the republican party is dissing john boehnerhn who is kind of in the middle? >> he got in trouble because of that sandy relief, and chrischri christie called him out, andan boehner backed down on sandy,o but overall, the republican party is not unified, and we sa that with the fiscal cliff deall senate republicans struck a deal with joe biden, it passed the senate,
of congress. the energy department released a study last month giving an implicit nod to natural gas exports. i think that could compel congress to really look at this issue. this law governing natural gas exports hasn't been updated since 1938. whether or not congress has the political will to change it remains to be seen but it's certainly going to be part of the conversation. >> you also write about the european financial crisis. i would think it's fair to say 2012 was a horrible, terrible, very bad year for the european economy. but what could that mean to us here? >> right. i think the fiscal cliff of the past month has really allowed a lot of people and especially those in congress to forget that there's a big world out there where economies are not doing so well either. there's been a couple of economists, some of the big economic firms like deutsche bank and others who say, quote, we don't want to have a false sense of security about how europe is doing. i think as we have to somewhat of a degree put off the fiscal cliff, i think europe's woes are going to back to the forefront of co
people are not going to stand for watching this happen every couple of months where congress brings it right to the brink and we just don't know what kind of progress is going to be made. >> moments last week in particular i was feeling very strongly, michael, when i was looking at some of the old pictures of norman schwarzkopf and writing the stories about norman schwarzkopf's death. when people came together in both parties and did things they felt best for the i felt that a little bit when president obama had a at what pointing prusz event before this that didn't help with the negotiations. i felt that way with speaker boehner with a deeply divided caucus and not able to do what he needs to do. they have to do something hard as opposed to what senator sanders was arguing. the main problem we have for 30 years in the future is middle class entitlement that we can't afford. we need broader taxes or reduced benefits or a mix of the two. those are the hardest things in politics to do and it will require real leadership by both sides. >> the president said he is willing to make compro
. and they think they're going to get a better deal in two months? i think that's the dummies. maybe it's the republican members of congress are the real dummies out there. >> maria, you're laughing in agreement. does that suggest you agree? >> i think what jimmy is saying is right. they're dividing themselves. so you have the wall street gop-ers jumping up and down because of the tax cut. but at the same time when it comes to the debt ceiling reduction, then they're -- that's where they're afraid. unlike the fiscal cliff we basically put on ourselves, the debt ceiling's actual problem is if we don't pay the debt then you're creating global calamity. that's something wall street will not allow. you're going to see increased friction. and we have to stop pretending the debt ceiling is something we can play with. this is money we borrowed and it's up to us to repay it back. the american people have to pay our bills, we have to as well. the government. >> they already passed the spending. they also said this is how much we're going to spend. >> but jimmy, do you worry that the president ha
like to be speaking for this bill but i can't. >> reporter: congress steered away from this fiscal cliff at the last minute, but another showdown is just around the corner. in two months the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing i think that hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the president will be trying to reach a debt ceiling deal with a new congress. winners from the november election will be sworn in tomorrow. tara mergener for cbs news, capitol hill. >>> it is a small step to getting our fiscal problems in order, but only for a couple of months. the stopgap measure appears, however, to be having a positive effect on wall street. the dow above 200 points and both the nasdaq and s&p 500 are up. of course there is reaction from taxpay
person in congress will be tested over the next few months. >> we've got three big deals that will happen going into february and march. does it look like this will be the play for the white house as we move forward? are we going to start in the same place we started 11 months ago with the debt ceiling with boehner and the president trying and sending in joe biden at the last minute to close? >> reporter: i don't know if we're going to be seeing that. sternly the white house isn't saying that. we know we'll see drama over this. spending cuts were deferred for two months, the debt ceiling has to be dealt with. president obama wants to deal with long-term things that affect entitlements and tax reform and republicans want to see entitlement and tax reform as well so those things perhaps the negotiations, those things will be attached to the spending cuts and the debt ceiling which have this extreme deadline i guess you could say. i think the president was taking a different tack that we will see again. when he was negotiating with the debt feeliceiling i think he tro portray himself as the
averted for two months so congress has to deal with that and then the other thing is there's sort of a chunk of things that congress wants to deal with that the president wants to deal with that they'll attach to the things that have these hard and fast deadlines dealing with the long-term fiscal health of the country through entitlement reform, social security and medicare and tax reform. it is a lot to accomplish in the next couple of months >> as we look toward, down that long road, tell me, brianna, some of the winners and losers from this whole thing. >> this is obvious some of the losers are obvious, if you earn $450,000 or more than that you'll see your taxes take a hit, $400,000 for individuals. if you itemize deductions and making as a couple $300,000 or more or as an individual, $250,000 or more, you will see your pay take or your income take a hit there. you'll see that, but there are also some winners that maybe you didn't know about. for instance the milk, sugar and peanut producers, they have a tax break that they will get to hold onto. also unemployed americans, lon
public perceptions of congress. a rasmussen reports poll done just this month found that only 10% of likely voters gave congress a rating of excellent or good. for me, the irony is that having seen several generations of lawmakers pass through the body, i can attest that the vast majority are hardworking generally interested in public service and eager to contribute to the welfare of our country. often the public does not believe that. it's easier to assume that congressional failings arise from the incompetence or even the malfeasance of individual legislators. or perhaps as some believe washington d.c. itself is corrupting. now, it's far more disconcerting to think that our democracy shortcomings are complex and devise simple solutions but the founders were realists who understood the power of factionalism parochialism, personal ambition. they understood that good intentions would not always prevail. and accordingly they designed a system to check abuse and prevent power from accumulating in a few hands. but they knew that the efficient operation of such a republic would requir
months ago a new congress will do what we are not doing today is something i cannot bring myself to do. i would like to vote for this because i want americans to have lower taxes, but the other day in conference one of my colleagues pointed out that if in fact you are spending the money, you are taxing our future generation. we are taxing $1.20 trillion next year. we are taxing $1.20 trillion. we were not collected, but we are taxing $1.20 trillion of deficit. the chairman of the ways and means committee rightfully said we are not simplifying the tax code. we're not making a better or more fair. we are not getting rid of the nascar loophole. we are not getting rid of the electric motor scooter loophole. we're not getting rid of a lot of tax things that are here. most importantly, we are not taking things the president himself said he would be for, like getting the calculation of chain cpi, the consumer price index for social security and pensions right, which would reduce the deficit going forward. because of what we are not doing, i cannot believe that this tax cut will in fact be follow
,000 or more a year and individuals making $400,000 or more. but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the euphoria could be short-lived because of the many challenging issues that remain unresolved. the dow is slightly off, but remaining up more than 200 points. it's up now 235 at 13,339. well, despite the fiscal cliff deal, everyone's paycheck will still be at least a little bit smaller this year. ktvu's janine de la vega is in los gatos to explain about the end of the payroll tax holiday. >> reporter: good afternoon. this tax cut has expired and it will affect every wage earner. most people that we spoke to this morning had no idea that it would affect their paycheck
. but the bill leaves a lot left to do. in two months, the government will hit the limit of how much money it can borrow, unless congress raises the so-called debt ceiling. an automatic, across-the-board cuts to the pentagon and other agencies, are only to be delayed for two months, setting up another from fiscal cliff on march 1st. congress has adjourned. and late last night, after midnight, the president left for hawaii to meet with his family. and hopefully, he thinks for a few days' vacation. >> you mentioned the breathing per feelings got raw at the last minute. >> reporter: it got really nasty. politico first reported on friday when the congressional leaders met here at the white house, speaker of the house john boehner told the democratic leader, harry reid, off, use uhhing language i can't use here on "good morning america." >> you can't even paraphrase. >>> let's look at what the deal means to you at home. lots of paycheck changes right now. and bianna golodryga is at the smart screen to break it down. about 99% of americans protected from an increase. but most workers will take a hit. >
with that the earliest next month with the new congress. it is the main reason why democratic congressman jim moran opposed this bill and he voted -- he vote it down. we'll hear from the in the next half-hour. back to you. >> surae chinn reporting live from capitol hill. >>> it is 5:04. time for the latest your money report of the morning. >> jessica doyle is here with the impact of this deal. >> well, global markets are riding high because this deal actually got passed in the house. there was concern that that wouldn't actually happen. wall street is back in business today after being closed for new year's. checking the numbers for you, the dow stands this morning above the 13,000 mark yet again. good place to start the new year, gamed 166 points on friday. the nasdaq finished at 59 points. the s&p 500 was better by 23 points. even though investors are riding high on this fiscal cliff deal, the nation's money problems are far from over. great quote here to sum up the year ahead. quote, it looks as if lawmakers will spend 2013 staggering from prices to crisis not unlike a bunch of nasty drunks weav
months when a new congress will be in place dick durbin praised president obama for making the deal happen. >> he was successful in the senate i hope he will be in the house as well. the senate bill is expected to take place in about an hour or so thanks very much on this first day of the new year three homicides in chicago the latest late this afternoon in the gage park neighborhood of man was shot in the chest in a possible drive-by shooting. he just left work at a downtown hotel. police reported the 19 year-old died after he was shot to death in the 4500 block of south champaign no one is in custody and 12 other people have been shot in the city since midnight last night a man and woman were shot around for in the morning the woman hit in the thigh and the man in the back, no one was arrested in any of the 12th shootings. chicago sought a total of 506 homicides in 2012 which is an increase of almost 16% from the years before. gary mccarthy helped make an arrest in the austin neighborhood. all around 130 this morning he helped officers pull over a vehicle in the area. the police
is coming just two months from now. congress will have to act to raise the debt ceiling. lou dobbs is here now to weigh in. -- raise the debt ceiling. >> i have to say i'm just relegating to all this the same trash heap that originated mayan apocalypse as well as the fiscal cliff. i'm not paying attention to their bull anymore. melissa: no. >> it gets kind of funny when you think about it, democrats save us from the republicans, republicans are saving us from the democrats. taxes just about everybody going up 2% because of the end of the payroll tax holiday. and the president is going to just talk about he nailed those rich son of a guns. melissa: yeah, good for him. >> meanwhile everybody's taking it in the ear is the expression goes i suppose. lori: it is just mind-boggling just how everything kind of came down over the new year's holiday and now, we got that deal, but, it's reich, it accomplished so little and it is debatable i understand, but there are still so many -- >> there is nothing debatable about washington. lori: now we have to fight for the debt ceiling. we have to turn off t
time throwing a parade for a congress that took 13 months to get a mediocre solution that doesn't address spending, doesn't address the debt, raises taxes not only on the wealthy but i keep hearing it's not raising taxes on the middle class. that's not true. the payroll tax cut is expiring. so taxes are going up for everybody. we're going to end up in a situation where we end up fighting over the debt ceiling and sequestration in two months. so maybe the market makes out okay but the american people didn't make out okay with this. >> but that payroll tax cut was always seen as a temporary measure. neither democrats nor republicans were really pushing to keep it going. >> and i agree. >> yeah, go ahead. >> i was going to say that i agree. i think it's a good thing, but i do think that we should be honest and not let the political rhetoric get in the way and be very, very clear that this is a tax hike on everybody. >> go ahead, maria. you want to respond. >> sure, absolutely. it is not a tax hike on everybody. yes, people's paychecks will go up a little bit. but we knew from the v
against it. >> i'd like to be speaking for this bill, but i can't. >> reporter: congress steered away from the "fiscal cliff" at the last minute but another showdown is just around the corner. in two months, the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the payroll tax holiday expired. that means less money in most people's paychecks. the bill did not address that. on capitol hill, i'm tara mergener for cbs 5. >>> and stocks shot up sharply this morning on the first day of trading in 2013 jumping more than 200 points at the open. it is wall street's biggest rally in six months. things are still looking good at this hour. they are up about 237 points. now, economists caution that this euphoria in the ma
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